I have just come to the end of my fourth year in my iva. I have a very stressful job that I can no longer continue to work in. I have the opportunity of changing career to something i know i would enjoy however, this would be approx £200 per month less. I would be able to adjust my spending to accommodate this and have also saved up my portion of bonus and overtime to take out £200 per month to make up the difference. Would this be declined by my company?
Hi -- if you can manage the IVA as agreed there should be no problem. If you have a helpful IP there might even be scope to see if anything can be reduced as you should be able to sort the IVA without dipping too far into the contingency fund you have managed to save up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry to read about your stressful job but good to hear you have the opportunity to do something else. You are the majority of the way through your IVA which is great - a good IP will not want to allow their client remain in a job which is affecting their well-being and will assist you in finding a way forward. By the sounds of it you are able to minimise the impact on your IVA payment even with the change and your IP should have the ability to reduce your payment by up to 15% as well without formal approval needed from the creditors.
I can see no reason why this change would not be accepted, the alternative, perish the thought, is you remain in your job and end up signed off with stress which on top of being awful for you, will reduce your income anyway.
Let us know how you get on. who are you with, they may have a representative on here.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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